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  • Business
  • Updated: Jun 27, 2020

Here's The Untold Story That Led To AMCON's Takeover Of Unicorn Place Limited

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Olalekan Fakoyejo

Fakoyejo Olalekan is a certified media practitione...

The assets of Unicorn Place and Leisure Services Limited has been taken over by the Asset Management Corporation of Nigeria (AMCON). This happened barely a week after AMCON took over the assets of Doggi Group Limited in Asokoro and Katampe Hills in Abuja.

Aside from the assets of Unicorn Place and Leisure Services Limited took, AMCON also froze the accounts of the company. The takeover was in line with the judgement of Saliu Saidu, a justice of the Federal High Court in Lagos.

AMCON took over the operation of Unicorn Place and Leisure Services Limited after the company was unable to settle its N1.3 billion debt. It was learnt that the company was given various opportunities to resolve the debt problem, but it failed to show interest in repaying the loan.

Agreeable terms were presented but Unicorn Place and Leisure Services Limited “remained unwilling and showed no interest on repaying the debt”. So AMCON was left with no choice but to take over the operation of the company, this is according to the AMCON head of corporate communications, Jude Nwauzor.

In a statement released, it was revealed that “In compliance to the enforcement order, AMCON on Thursday, June 25, 2020, took effective possession of the two properties through its debt recovery agent – Kayode Ajekigbe of Chris O. Okunowo & Co, which include properties situate at 1 & 2, Kwara Street, Osborne, Ikoyi, Lagos and Plot 23 Block 65, Lekki Peninsula Residential Scheme, both in Lagos state.”

The statement further reads, “The case of Unicorn Place & Leisure Services Limited and its promoters has been interminable because the loan was purchased by AMCON during the 1st phase of its Eligible Bank Assets (EBA) purchases from Keystone Bank since 2011,”

Meanwhile, accounts belonging to the organisation and its major stakeholders, Ike Nwabuoku and Ifechukwu A. Onyema were also ordered to be frozen by the court until the final judgement on the case.

AMCON threatens to takeover more companies in debt with the power bestowed upon it by the amended act, which was signed into law last year by President Muhammadu Buhari.

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